DeVry University will pay $100 million to settle a lawsuit that alleged its ads misled prospective students, the Federal Trade Commission said Thursday.
The money will go back to tens of thousands of students that attended DeVry between 2008 and 2015. Some will be reimbursed with cash and others will receive debt relief.
The complaint alleged that DeVry’s TV, radio, online and print ads touted inflated job placement rates and post-grad income levels.
Some ads, for example, said that 90% of grads since 1975 found jobs in their fields of study within six months of graduation. The Department of Education found that the college could not substantiate that statistic, and has prohibited the school from making that claim.
The FTC brought its lawsuit nearly one year ago and at the time, DeVry (DV) said it would fight the allegations.
On Thursday, the school said it was “pleased” the matter was resolved. It continues to deny all allegations of wrongdoing.
DeVry has about 70,000 students. The school has 55 campuses across the country, and almost all of its degree programs are also offered online. Its revenue fell 3.5% last year to $1.8 billion, mostly due to a decline in enrollment.